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Ham Young-joo, Chairman of Hana Financial Group. (Photo courtesy of Hana Financial Group) |
[Alpha Biz= Paul Lee] Tensions are rising within Hana Financial Group as the Supreme Court’s ruling on Chairman Ham Young-joo’s hiring irregularities case draws near.
According to the financial sector on Thursday, the First Division of the Supreme Court will hold a sentencing hearing at 10:15 a.m. on January 29 for Ham, who is charged with obstruction of business and violations of the Act on Equal Employment Opportunity and Work–Family Balance Assistance.
Ham was indicted in June 2018 on charges that, while serving as bank president in 2015, he instructed the human resources department to give favorable consideration to the son of a senior official at KB Kookmin Bank during an open recruitment process, thereby interfering with the selection of successful applicants at the document screening stage.
He is also accused of directing the HR department ahead of the 2015 and 2016 recruitment rounds to maintain a male-to-female hiring ratio of 4-to-1, effectively favoring male candidates.
Ham was acquitted at the first trial, but the appeals court overturned the ruling in November 2023, sentencing him to six months in prison, suspended for two years, and a fine of 3 million won.
Under Korea’s Act on Corporate Governance of Financial Companies, individuals sentenced to imprisonment without labor or heavier punishment are disqualified from serving as executives of financial institutions.
If the Supreme Court upholds Ham’s conviction, Hana Financial Group will be required to initiate an emergency succession process.
According to the group’s articles of incorporation, in the event of a vacancy in the position of representative director, the board of directors appoints an acting chairman from among internal directors, taking into account factors such as appointment date, position, and age.
The board must then convene the Chairman Nomination Committee within seven business days of the vacancy to begin the formal succession process, including the recommendation of a new chairman candidate.
Under the emergency succession plan, the committee is required, barring unavoidable circumstances, to recommend a new chief executive officer within 30 days.
Should this scenario materialize, key strategic initiatives being pursued by Hana Financial Group—including its Korean won–based stablecoin consortium—are expected to face inevitable disruptions.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
